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Two planned rental apartment buildings that are part of Intracorp’s MC2 project at Marine and Cambie in Vancouver have sold for $27 million to a prominent, private local group with significant rental and commercial holdings, said Mark Goodman, who sold the property with his father David Goodman.

This is the first pre-sale purpose-built rental apartment sale in recent times, said Goodman, commercial realtor, co-founder of HQ Real Estate Services and co-publisher of the Goodman Report. Intracorp is still responsible for building the buildings, Goodman said, and they should be completed in 2015 or early 2016.

“This has not been done. We’ve never heard of a commercial rental property being pre-sold,” Goodman said.

“We’re selling a concept. There is a leap of faith for the buyer, but there is a rental shortage across the city. People trust Intracorp — they have a stellar reputation.”

The rental buildings are at the north and south ends of the project, with a four-storey, 41-suite building at the north end and a six-storey, 69-suite building at the south end.

When complete, the megaproject will also feature 443 market condos in two towers, 25 and 31 storeys high, situated across the street from the Marine Drive Canada Line station and the planned Marine Gateway development.

The average suite in the building will be 540 square feet and will rent for about $1,350 per month, Goodman said. There will be bachelor suites, one-bedroom suites and a few two-bedroom suites.

“It’s going to be a beautiful development with high-end finishings,” Goodman said.

The asking price was $30 million, and the projection is that the buildings’ owner will receive a 4.75 per cent rate of return each year, Goodman said.

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Planned Vancouver rental buildings change hands long before they are built

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